Vinalines Expects To Record VND2.1trn In Losses In 2013

News: Nguyen Canh Viet, the CEO of Vietnam National Shipping Lines (Vinalines), has announced that the company expects to record VND2.1trn (US$100.96mn) worth of losses in 2013, owing to the downturn in the ocean transport sector. The CEO added that losses are also experienced by several seaports, such as CICT, SSIT, SP-PSA and CMIT, which are managed by the joint ventures between Vinalines and international partners. Meanwhile, the company's subsidiaries sold a total of 10 vessels in order to reduce losses in 2012. The company is looking forward to secure a VND3trn (US$144.2mn) loan for its 14 subsidiaries in order to carry out operations even during the tough times, Viet mentioned. Additionally, the ocean transporting market is likely to be revitalised in 2017, enabling the company's subsidiaries to repay debts by that point of time, Viet added.

This article is tagged to:
Sector: Freight Transport, Shipping
Geography: Vietnam, Vietnam, Vietnam, Vietnam

Enter your details to read the full article

By submitting this form you are acknowledging that you have read and understood our Privacy Policy.